How Our Tables Stopped Us From Losing Money
Fri 7th July 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- GBPAUD (Primary Focus Pair)
- NZDJPY (Covered In Video)
- GBPCAD (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| GBPAUD Long | Price | Pips +/- | R/R (Max/Min) |
|---|---|---|---|
| Entry Price | 1.9120 | ||
| Stop Loss (Min) | |||
| Stop Loss (Max) | 1.8950 | -170 pips | |
| Profit 1 | |||
| Profit 2 | 1.9700 | +580 pips | 1 : 3.4 |
Details:
Our tables helped us close two positions out in profit before they turned against us.
GBPJPY and NZDJPY were on our tables for longs at the beginning of this week however, by Wednesday JPY had gone from being the weakest currency to leaving the tables and then appearing on the strong side of the day traders.
Seeing this change helped us close both positions in slight profit.
Comment from Charles Clifton:
Excellent work Jon! This is a perfect example of why I took 2 years to build the algorithm behind these tables.
Let me recap what these tables do: So, I have taken 8 currencies and crossed them into 28 pairs, and worked out how to measure the relative strength or weakness of each currency within the pair, then score them accordingly, and present them in order, strong and weak, 1 to 3, on two different timeframes. All calculated in real-time!!
Now, not only do we now know what forex pairs we should be looking at and when, we also know when to cut our trades BEFORE they turn against us.
To my knowledge, we are the only traders on the internet to have figured out how to do this. Then again, we’re the only traders to have put in the miles, done the work, to reap the rewards.
Onward! (& back to you Jon)
GBP strength has entered the market, topping our trend traders table, and appearing as S2 on the day traders table.
I’m Combining this with a weak currency such as the AUD currently W2 as I’m writing this post.
GBPAUD chart is a very interesting chart to watch especially from the higher time frame.
Price is currently trading around key highs at 1.9250, a break above this level would be interesting as the next key resistance is anywhere between 400-500 pips away.
This type of trade could give us a strong risk to reward trade setup.
On the hourly chart, we can see a couple of areas of support that could work as an entry.
The first would be to look for an entry around 1.9190, the second would be to wait a bit longer and see if the price can retest 1.9120.
This area would be ideal as it would give us a safer area to place our stop losses, if we were to use the max ATR.
Technical Observations:
- GBP is S2 and AUD is W2 on the day traders tables.
- Price is trading at key resistance 1.9250.
- If price trades through this level it could open up for a 500+ pips move.
- The next resistance level is 1.9700.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
